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♪ >> do not be fooled by the headlines. the economy is in bad shape. tax and spend is a failure. good morning, everyone. the bean counters presented the report on the economy. and what did the media pick on? the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax and spend, it lives on and so does our massive debt. reality check, "varney & company" is about to begin. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. >> first up this wednesday morning, gas prices, yes, they are still on the rise. national a
>> we'll talk about it later. we had seven states that had no state income tax, but there are other states that are working in that direction. bobby jindal is trying to put louisiana there. the now republican governor of north carolina trying to bring down rates or perhaps eliminate them altogether. >> because they can attract business because you've got people in texas, louisiana and other states knows you can attract business and even chris christie in new jersey, he's trying to steal business out of illinois. same thing, he can give them better deals, better tax rates and a better quality of life for the residents there. more people have jobs in that state, the more revenue they pay to the state the better off the state is, they get it. >> if you want to work. if you want to sue people, you go to chicago and california. cheryl, thanks very much. coming up next, one of our voices from chicago weighs in on that city's cops, suing for overtime pay for blackberry use and a little later, bruce willis whose latest action movie is about to hit the theater coming out against gun control.
$84. they talked about payroll tax increases. it is in a more competitive environment. the easy way for walmart is over. a little bit of a pullback is expected. back to you. melissa: thank you so much. a big month in january. we get to the bottom line with elizabeth macdonald. why is this? >> you have been talking about that great rotation. we have not seen a start like this in 15 years. in the month of january alone. it surpasses what happened all of last year combined for all four quarters. the bears have left the building. the s&p forward earnings that we are looking at are still cheap versus the october 27 peak. the s&p 500 was trading at 13. if it hits 14, then you are talking s&p 1600. if it hits 16, you are talking s&p 1700. are we setting up a classic bear trap? that stock has gotten ahead of the economic recovery. we are seeing the togo war on whether or not we will have a downdraft by end of year. melissa: who is winning? >> though bulls are winning for now. if there is a pullback there, you could be in a downdraft air up. melissa: thank you so much. lori: this has been th
as a baseline scenario. remember, all the times the bush tax rates were expected to expire. this is probably the best look. the most honest look we have gone from cbo in years now. i want to show you one more thing on deficit reduction. this is the three scenarios. if you increase deficits by $2 trillion, long-term, by 2023, you start to slow down if you had no deficit reduction. look at how much growth increases here. you take a short-term hit for next year, in the long term, you are adding almost two percentage points to gdp. back to you. lori: that was just about as helpful of a visual as you can get when it comes to understanding this math. melissa: that really breaks it down. what is the cost of reducing the deficit. if only we would have done that before. a great report. thank you. lori: troubling, at best. let's continue on. reversing yesterday's pullback and continuing to rally through the start of this year. will this continue? >> i am pretty optimistic going forward. i do think you will hit about 1675 on the s&p as the year end target. the housing recovery will continue. i think ov
currently have to pay 50% tax, yes, on their appearance and up to 10% of their worldwide earnings following a legal victory. other sporting events, including the dhampon's league final and the olympics have also had amnesty written into their contract. if you ever wonder why your favorite athlete may not be showing up to your favorite british competition, maybe now you have an answer. >> he raced here for the olympics and i don't think he's raced here in the previous three years. >> because look, it's not just a one off winnings related to that event, but all of a sudden your annual earnings are subject to this tax? >> it's an annual appearance fee. >> it's a pretty big incentive for athletes to say, you know what? not worth it. >> we're asking do you think it's fair for athletes to be given special tax breaks? is usain worth it? e-mail us, tweet us. >> is usain bolt worth it? >> do you want to go there? do you think it's -- do you think this event is worth it, by the way, to try to do the anniversary of the olympics to remind people and keep the positive buzz going? >> yeah. it draw tess c
not have to pay the amt. it also changed the estate tax bumping down the rate of little bit lower than what it had been over the exception of little bit higher. the numbers we just show you, the real numbers will be much worse. we will find out at 1:00 o'clock. back to you. dagen: are we going to be in a statement from the white house at 1:15 p.m.? rich: he will talk about the sequester. he will push for congress to pass a smaller package of spending cuts and tax reform to avoid the economically harmful consequences. he wants tax increases and spending cuts. the tax issue is closed, says the republicans. dagen: thank you for that update. for more on the outlook and what the president will say this afternoon, we go to michael perrone. michael, good to see you. start with this cbo report. will it influence policy and what happens in washington and even the smallest way? >> the cbo is required to give a fictitious look forward at the budget numbers. it will be higher than projected unless other action is taken. the medicare doc fix, for example, will not go away. they have been voting in every
consumers taking a hit to take home pay to higher payroll taxes which is part of the fiscal cliff resolution. courtney reagan here on the retail beat. hi, courtney. welcome back from dallas. >> january an interesting month. it is promotional. make way for full price spring merchandise. but that means many goods sold are sold at rock bottom prices that replaces it. of the 18 drugstore retailers, thompson reuters has a gain of 5.8%, year over year. far surpassing expectations of 3.5%, thanks for a demand of winter apparel. the biggest perform group by far with comps up 11.4%. discount retailers turning in the lowest comps for the month. jc penney increasing by 11.7%. sales are driven by quote fresh fashion which would suggest nonclearance sales. but the retailer up guidance, only slightly. for specialty, 8% increase in comes doubles expectations and limiting more than double on wall street chain sales. despite the big comps, limited says it's comfortable with earnings consensus and gap remains just slightly ahead of wall street estimates. disappointing, shares are selling off. >> gap has had a
. melissa: james, last word. 21 billion went on tax incentives for energy efficiency for renewable energy projects. i mean, maybe a great thing, but should potholes have come first maybe? i mean, maybe -- >> yeah, you know, it's a shame government doesn't work because this is actually the right, general structure for tax. ideally, it's a gas tax that pays for roads. so the user is paying. and, unfortunately, it doesn't go to roads. melissa: it doesn't work, right. that's the essential problem with government. it doesn't work. all right, guys, thanks. appreciate your time. >>> time now for today's fuel gauge report. a huge winter storm is barreling down towards the northeast. have you heard about this? didn't stop natural gas futures from nose diving today. natural gas stockpiles fell far less than anticipated last week, and lower oil refinery demand, crude hit a two-week low settling at $98.83 a barrel, and opec's production fell compared to december. output shed by 200,000 barrels to 30.45 million a day. lower production by saudi arabia -- we'll place the blame there. >>> all right, so i
to tax themselves more to pay for it? our news reporter cornell bernard is live with that story. >> the state of the city is wet today but pretty good. we sat down together to get a preview of the address. he plans to ask voters for help to john rate more revenue. >> things are getting better. >> he says they are improving despite many challenges, including a rising crime rate and creating more jobs. the mayor will talk about plans to support police services and restore pay to worker whose took cuts to help balance the budget in recent years. to do that a sales tax increase is needed. >> we have to go to the ballot to get permission. that would be in 2014. it depends on the voter support. we have done some polling. the voters think we are moving in the right direction. >> that poll shows 70's percent of voters may support a quarter percent sales tax increase but only 57 percent favor half a percent high. and a worker at a maintenance worker that contracts with the city likes anything that will help keep his job. >> another tax hike could be a tough sell. >> people reach fatigue
taxes. now a preview of that. >> the mayor will build his state of the city address around a word that normally no one wants to hear, taxes. tonight, the mayor 8 call on community leaders to organize a campaign for city seals tax -- sales tax to restore money to city workers who took cuts. residents are willing to pay new taxes with 70 percent support for a .25 sales tax increase and 57 percent for half a cent sales tax increase. the earliest this would be on the ballot is next year. folks here in san jose have voted four times to aprove sales tax increases since the mayor has taken office back in 2007 and it is not clear if another will fly. we will find out tonight when the mayor makes his state of the city address tonight. >> right now we have breaking news to tell you about in southern california. three police officers have been shot, two in riverside and one in corona. this is over riverside where the police department says an officer was killed. reports say the shootings could be related to a suspect wanted in connection of a double murder in irving. this has gotten a lot of
surprised his colleagues and introduced an amendment. it would impose a sales tax on gas in virginia. that would take the place of current gas tax. it would eliminate the sales tax hike mcdonnell had wanted and scrap the hundreds of millions of dollars in fee increases the governor was pushing for. >> dog owners will rally in annapolis this morning in hopes of earning more protection if their pets bite someone. pit bulls and their owners are singled out for punishment even if the dog has no previous estimate of being dangerous. the demonstration supports a new measure holding all dog owners responsible for a bite. it allows the owner to prove in court that the doing was not dangerous. >>> the debate over immigration reform will play out today at the white house and on capitol hill. president obama will meet today with labor leaders and immigration reform groups to discuss his plan to reform the nation's immigration reform laws. he'll discuss the issue some of the country's most prominent ceos. across town, there will be the first in a series of hearings on immigration reform. >>> new
person 24/7, you need an ally. hello? ally bank. your money needs an ally. ...tax time can ofbe...well...taxing. so right now we'll give you... ...$10 off any turbo tax deluxe level software or higher! find thousands of big deals now... ...at officemax. ♪ melissa: at least two dead in an attack outside the u.s. embassy in turkey today, a suicide bomber blew himself up in front of the embassy killing a turkish security guard. it's described as a terrorist attack. turkey's prime minister describing the member of a far left militant group. is the u.s. becoming more of a target in the region? i'm joined by peter brooks, heritage foundation, senior fellow for international security affairs. welcome to the show. what do you think of this? >> good to be with you. a tragic event, obviously, reminding us of the troubles going on in that part of the world, whether you talk about syria, turkey, iran, i mean, the middle east is an important place, volatile, and we have to pay attention to it. melissa: it is, but, you know, turkey is a popular tourist destination. it's not one of the places we think of as
change, immigration, gun control and taxes. mr. obama joked on monday about how tricky it can be to get things done. >> if there's one thing that i've learned over the last four years it's that you can't count on anything in washington until it's done. >> reporter: republicans believe that senate majority leader harry reid has been effective in shielding his members from some tough votes on items such as the budget but we've been assured there will be a budget this year so that unity and enthusiasm may be tested early. jenna? jenna: if you had a nickel forever time --, no. we would all be really rich. that there would be unity on capitol hill. we've heard some from the senate democrats about some of the issues they're worried about ahead. what have you heard within the halls of capitol hill? >> reporter: jenna, gun control is a prime example in places like new york, new jersey, california. gun control is popular. but harry reid also has democratic members from places like west virgina, arkansas, louisiana, and alaska where gun control can be dirty words. here is senator reid speaking re
states has the highest corporate tax rates in the world. 35% of the federal level when you had sued have local taxes it's much higher than the employer and job creators here in america. how it impacts business is, including how it can be fact driven to decision regarding where to locate manufacturing facilities or how much to invest in r&d, how business investment higher competitiveness be impacted if we eliminated corporate tax altogether such as my job actives. the jobs that will reduce corporate taxes to zero in capital gains taxes to zero and partially would be huge economic boom instead of raising taxes would raise taxpayers with good paying jobs. as you please discuss that? >> i will not disagree with your final conclusion. i also know it brings the double taxation dialogue, especially in difficult times. i think the conclusion that you're alluding to in the question is very clear. we compete against companies headquartered in taiwan, for example, and some of them virtually have zero tax rate. so if we try to operate investors are working against some number incrementally to 35% le
made no money in the past five years. and don't get me started on taxes. put it together and adds up to big delays in retirement a new study shows nearly 2/3 of americans age 45 to 60, plan to put off the retirement. today's "money" power panel is help you to. spencer patton, steel vine investments the chief investment officer. peter schiff, europacific capital ceo and susan knox, former treasury department advisor under president obama. spencer, let me start with you, you talk about people retiring later and later, you blame the fed in part. >> i really do. the fed has done a tremendous disservice in robbing savers, people that are planning on retiring, the people that are not trading in the stock market, but most people setting aside money, the chance to be able to retire. you're seeing not only have they not just made money, they have lost money due to the inflation and withering away of the u.s. dollar as the fed just prints money endlessly. it's horrible and it's, just further pushing back retirement for people that can't afford a delay. melissa: peter has retirement become a th
the technology cost but many companies in idaho are discovering it actually can increase their tax bills. software is tangible property regardless of how it is transferred to the customer. idaho the most recent state to tax cloud services. and according to a new survey, young adults are now facing stress levels that are higher than the national average. this is a survey done by the american psychological association and finds 18 to 33-year-olds reporte report beid by health care provider they have depression or anxiety disorder more than any other age group. they also say stress has kept them awake at night in the past month. topping the list of sources of stress, work, money, the economy, the usual, i guess. dagen: suck it up. connell: somebody is making up $200 million richer. the $270 million powerball ticket was sold last night, the winner has yet to come forward. the lucky winner has 180 days to collect and they will make the name public. dagen: a quarter past the hour, stocks down every 15 minutes, nicole petallides at the new york stock exchange with news on apple. nicole: we have
and they are wanting my tax money. because i haven't signed up for their insurance program. second, we will not administer medicaid through utah's health exchange. they want to maintain a clear separation between an approach in the private sector and providing opportunities for the private sector as a postal welfare-based system. not that they are not important aspects but we think there should be a clear separation between those two approaches. we want our exchange to remain focused on the core mission of creating competition and choice in the insurance marketplace. those who are in need again we recognize their people out there who have access and the right and it need an medicaid is maybe one of the answers but we believe that should be done separately and not by our exchange. third, you too administer the premium tax credit through our exchange. there is the number a number of reasons why we decided not to do that. one, we pride ourselves on -- in utah in being fiscally prudent. and i wish washington had that same pride which they certainly don't have. we are one of only seven stat
at 2:00 p.m. pacific. one would treat-mile-an-hour like alcohol and create a federal tax. the other end would end federal marijuana prohib his and let the states -- prohibition and let the states set their own policies and the growers would have to obtain a permit and it would be illegal to take marijuana to a state where it's illegal. i just wrapped up an interview with one of the group's members. we'll hear from him when i see you next. kyla campbell, ktvu channel 2 news. >>> 7:17. a director is reportedly eyeing the town of ridgefield, connecticut to make a film related to the sandy hook school masser is. richfield is about 20 miles -- massacre. litchfield is about 20 miles away -- richfield is about 20 miles away from sandy hook. this has upset a lot of richfield residents. town officials say they would reject filming permits for the project. but so far, the director has not contacted them. >>> five firefighters are in the hospital in baltimore. they were hurt last night battling this huge fire at a lumber company. witnesses say the firefighters were trying to evacuate the building
the need for new taxes to support city services and restore pay to worker whose have seen cuts in recent years to help balance the budget. that includes the police with whom they are negotiating. our media partner the mercury news report that 70 percent support a quarter percent hike in the city sales tax. the council will discuss the report next week. the earliest a new measure goes on the ballot is next year. we the have more in a live report next half hour. >> 4:8 -- 4:38 right now. >> the rain will take its time so most of us can get out before 7:00 we are okay unless you are in the north bay with scattered rain now. the best radar is north of 116ed and to forestville we see the better radar return with light rainfalling in santa rosa. upstream, it is a cold system. there is snow in the higher elevation. there is light rain in the lower elevation. the breakdown today in the movement of the rain, the rain is in the north bay through 7:00. it moves across the bay and to the south bay from 7:00 to noon. it will exit the south bay at 1:00 o'clock. the showers will develop toward 4:00. th
residents will agree to a tax increase to beef up a struggling police department. the mayor laid out the plan in the state of the city address. our news reporter has details. >> san jose's mayor was quick to set the tone for the state of the city address. >> i would love to tell you i am not talk about the budget. that would be a pleasant change but that is still our biggest challenge. >> there is a small surplus this year it is still not enough to beef up the city's struggling police department. layoffs, low morale and pension reform have shrunk the department to under 1,000. >> my priority is public safety. >> the crime rate has gone up. last year there were 46 homicides, the highest in 20 years. the mayor promises to add 200 officers the next two years but the police officers union wants more. >> people are looking for san jose to pay a competitive wage for police officers. the market rate san jose pays is much less than any of the surrounding cities. >> to get it back on track, the mayor is suggesting up to half a sent sales tax. >> in 2014 we can explain to the public if they gi
out, look, a lot of their improvement had to do with a much lower tax rate related to some of these charges. while there are positive signs in the business that in evestor do like, there's a lot of impact. different story at ubs. interesting to see people try and suck out what this company is reporting when it comes to this quarter. the market reaction was positive than negative. we're looking now down about 0.76% weighing on the swiss market. we had carolin roth since dow with the ceo of armani. if you want to talk about the commonalities between these two kms, it's the number of legal and restructuring issues occurring. ubs is trying to transfer from its investment banking to more of a wealth management model. margins in that business were weaker, weighing somewhat on investor prospects. but when it came to libor in particular, here is how the ceo responded to how they see their ability to put that issue behind them in 2013. >> i think that we made very good progress on addressing many of those issues during 2012. you are always going to have problems, but i think many of
. >> people would live in the bay area's largest city are having a change of heart for the taxes. arrest cornell bernard tells us from san jose as the mayor is ready for the state of the city address. cornell? >> normally it is a word no one wants to hear but the mayor will make it a big part of the state of the city address. the word is "taxes." the mayor says the city needs a sales tax increase and will call on community leaders to organize a campaign to support police and fire services and restore pay for workers who had to take cuts to balance the budget. a poll suggests that voters could be willing to do that. there is 70 percent support if a quarter percent sales increase but 57 percent for half a percent increase. the earliest it would be on the battle is next year, the 5th sales tax measure voters have approved since the mayor took office in 2007. the state of the city address is underway at 6:30 right here at city hall. >> fairfield police are asking for your help in finding the killer of a 13-year-old girl. the guardi
threw a curve ball yesterday by unveiling the alternative bill. it would impose the sales tax on gas in place of virginia's current gas tax. it would eliminate the sales tax hikes mcdonnell wanted. today is the deadline for legislation to win approval from either virginia's senate or the house of delegates. >>> you probably don't need a study to tell you this. this morning, we're getting the latest results of a survey showing we have the worst traffic in the country are. our transportation reporter adam tuss is breaking down the numbers and he'll have what researchers are saying about gridlock coming up at 5:45. >>> overheating batteries forced all 787 dreamliners to be grounded. now boeing is asking the faa to let it put some of the planes back in the air. boeing formally filed a request for test flights with the faa yesterday. they say they need to see if regular flight vibrations are causing overheating. last month dreamliner in japan and one in boston were forced to land after overheating issues on the batteries. >>> ravens fans are getting an early start to their tuesday. they'r
as dire a possible a picture as budget sequesters in order to put pressure on republicans to accept tax increases as part after deal it avoid the he is quester. two economic officials from the obama administration saying it would result in 70,000 kids being thrown off of head start in a couple of thousand fewer food inspectiones. 373,000 fewer mental health patient treated. 540 million in smaller loan guarantee. 600,000 fewer women and children receiving food assistance. this is putting pressure on congress to act because many republicans expressed the idea they could let the budget sequester take effect. some democrats suggested that is not so terrible from their point of view too. white house is trying it make a counter argument. we will see over the next couple of weeks since tsequester is du to take effect. >> how effective is this, john? we have seen the white house before where they put out the worst case scenario where they try to force things along against republican answers in some cases it backfired. what do you think this time? >> it backfired at certain times. this is a mome
instability now? >> the question is, what's the truth? we'll see rajoy's tax documents come out later this week. there is clearly a problem here. we have one senior member of the party and the significant investigation. if rajoy is removed, what is the alternative? would we go into a general election and would that alter the economic positions that spain finds itself in? some will argue it would because they don't -- take it on board, introduce the external controls and if you like wrap up the situation. so there's a bull argument within the bear argument. >> where do you fall on that spectrum? >> i think it's going to be business as usual from a political point of view. >> and do you like your investments here? >> yes, i do. >> at what point do you start to take profit? >> i think the credit markets are telling you that. i think it's beginning to say a run for the spanish bull market which could go further, but it's not the same in the last three or four months. >> there's a ten year, 5.31%. are you sticking with it until it goes below five? >> technically, if you hold rates where th
of taxes, i'm not that surprised to hear about buybacks down a bit in the month of january. let's move on. the big that's going to happen this year, draghi, ecb meeting. a lot of people calling for rate cuts to help out on the euro. this is part of the currency argument going on. lowering rates seems unlikely at this point. the fact that there's a big debate about it, is that the euro strength is causing problems in europe. higher valuations last week for home builders. some trading two times book value. that's a big problem for the building people right now, if you trade them, fundamentals are good. barclays downgraded four of the big home builders on exactly that. the valuations have become stretched. we were talking about this two weeks ago, folks. barclays said new home price increases are unsustainable. some of them reporting 17% increases in their prices in the last quarter. that's an excellent number. but existing home prices not moving nearly as much. i agree with that, those are unsustainably high numbers. expect them to be 4%, 5%, 6% this year. let's move on here. the new york s
for the month, despite all those worries about the payroll tax. who won? who lost in the cramer knows. >>> former treasury secretary bob ruben in a rare interview on squawk this morning has words about too big to fail, the sequester and how he missed the crisis at citi. >>> is it time to say good-bye to the u.s. airways brands? a deal looks close for amr's american to take it over, become the number one brand. does consolidation mean airlines just got more attractive. >>> we start off with the retailers, january report card, macy's posting an 11.7% jump in same-store saturday and raising guidance. stellar results from some of the retailers. >> such a mixed picture. some guys -- kohl's, people decided their clearance is moving the stock up nicely. gap strong happens moved. consistently great job. people talking about urban outfitters doing a great job, doesn't seem like the stocks right now are moving the way you would think they would. i don't know how many people are counting on this particular month -- >> a short month, bleedover from the holidays. the rate of beats, 59% is the stro
to but will tax hikes and consumer caution spoil the party? we're going to have that story coming up. ashley: all right. but first as we say the dow hitting 14,000 for example the first time since october 2007. let's go straight to the floor of the new york stock exchange. nicole petallides. what a day. >> that's right, indeed. obviously today is such a milestone for all the bulls out there, with all are the folks so frustrated during the financial crisis when we saw the dow at 6500. here it is at 14,012. these are session highs we're hovering right now, tracy and ashley. we're seeing a gain of over 1% on each of the major averages. the tech-heavy nasdaq the best of the bunch up 1.%. we obviously got in the jobs report today that helped things along. while the current month was not as good as expected we saw november and december revisions helping things along. the other thing that contributed to our run up, not only are we see momentum that the dollar is lower and multinationals always do well when the dollar pulls back. that is something we're watching closely as well. traders continue to watch
% in taxes this year due to the payroll tax coming back. so we do think that is going to hurt the consumer toward the end of the year and consumption makes up 71% of our economic growth. david: well, jeff, it is guessing game whether we're going into recession or not but no guessing game about europe. europe is in a recession. you think it will stay there for all of 2013 that is pretty bearish. why do you think so? >> well i think the market is happy right now because the market looks at two things. euro stronger relative to the dollar. that is a good sign the market is looking for. and our 10-year, spanish government bond yield is lower than they were two months ago or three months agop or six months ago. those conditions hold. crisis is over, right, david? wrong. when you look at actual data, credit, the credit to the private sector continues to contract and for me that is the heart of industry. and that means you're going to be recession. 2013. >> that is the outlook. if you believe, mark maybe in the next couple years we might see recession surely you're still putting money to work. yo
is turning to for advice on everything from the deficit to taxes to the broader economy. >>> then, after we talk to them, they're going to paint a picture for us, we're going to turn to two powerful investors for insight into what the conversation in washington means for the broader markets. cowen and company ceo jeff solomon will join us, and the bond king, bill gross. first, steve will bring us up to speed on the morning's top stories. steve? >> thank you, michelle. disney posting better than expected earnings and revenues after the bell. the company says it expects the next few quarters to be better on a stronger lineup of films and growing attendance at its theme parks. ceo bob iegory was on cnbc's "closing bell." >> you had a lot of ins and outs. basically, the trendser good. we had strong results at our domestic parks. the bookings have been pretty solid. advertising was okay. and generally speaking, our business performed well. and our interactive media group was profitable for the quarter. that's the first time the group has been profitable since we've been breaking it out. >> share
considering dropping the national ban during a three day meeting that began yesterday. on saturday, taxes and governor rick perry, an eagle scout, told reporters that he thought the band should stay. one sunday, president obama said on cbs that boys scouts should drop the ban, a decision is expected tomorrow. >> police are still searching for two suspects who they say brutally attacked an elderly woman born at home invasion in san jose. you are looking at a sketch of one of the suspects. they say it all started last friday night when a 75 year-old woman noticed that two men were outside tried to break into her daughter's car. the woman opened a home window and tried to scare the men away. that is when she was punched repeatedly in the face and kicked in her ribs. she suffered a fractured nose, two black eyes, and other injuries. >> later this morning we will hear from the san francisco forty-niners and their head coach jim harbaugh. the team came back home to the bay area yesterday afternoon. the niners will be giving interviews about the super bowl after their meeting at 9:00 a.m.. coach
eliminate the sales tax increase mcdonnell proposed. hundreds of millions of dollars in fee increases mcdonnell wants as well. today is the deadline for legislation to win approval from the senate or house of delegates. >>> a study that confirms what you probably already know. our region has some of the worst traffic in the country. we're breaking down the numbers for you in this new report as we speak. we'll tell what you researchers are saying about gridlock in a few minutes. >>> the city is hosting a super bowl parade downtown. the crew started setting up yesterday just as the team was returning from new orleans. that parade will begin at city hall and end at m&t bank stadium where the team will show off the lombardi trophy. if you can't make it, watch it on nbcwashington.com beginning at 10:45. >>> i bet you have to wear a lot of layers today. it's going to be cold again. >> let's check in with tom kierein. >> good morning. that snow that passed to our north is way up northeast of us into new england. this is the radar over the last 12 hours. getting a few sprinkles of l
and cato came under some pressure. they talk about the payroll tax. that really affects most americans. we do about your payroll and your paycheck, you realized you had a little less money. down 5.25% for that particular name. melissa: thank you so much. get ready for a mega merger. american airlines and u.s. airways are within a week or two from finalizing a major deal. that is according to the "wall street journal." as a result of the deal, american would emerge from the graph c. fewer airlines they result in higher prices because of less competition. lori: the president's pick for cia director is in the hot seat. we will learn more about the american drone program. melissa: take a look at how the dollar is faring. the dow is down almost 100%. the dollar is stronger against the euro, but weaker against the pound and again. we will be right back. ♪ it's a new day. if your a man with low testosterone, you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 18. axiron
to ground some private jets as part of the upcoming debt talks. the president is working to close tax loopholes including what he calls tax breaks for private jet owners. the national business aviation administration says closing the loophole would punish the one million-plus employees who work in the industry and would hurt the $150 billion in economic activity. >>> overnight, somebody in virginia jumped up quite a few tax brackets. >>> also, a very close call for a local business owner. >>> a news4 exclusive this morning. the owner of a local deli talking about the moment an explosion leveled his store and nearly killed him. what he told us from his hospital bed and why police are saying this is no accident. >>> good morning, i'm aaron gilchrest. >> i'm eun yang. someone in the commonwealth is waking up happy and wealthy. overnight we learned someone in virginia hit the powerball jackpot. where that ticket was sold and how much it's worth ahead at 6:40. >>> right now, we're tracking a major storm bearing down on the northeast. take a look at the radar here. two storms will merge. wh
to a surplus. finance ministry officials said last year's tax revenues excluding debt servicing costs surpassed spending by 434 million euros. that's about $590 million. the previous year's primary balance was in a deficit by about $4.7 billion. the surplus in the primary balance is a key milestone in greece's efforts to restore its fiscal health. but the greek public is largely unhappy with the government's measures. major labor unions across the country are calling for a general strike later this month. >>> u.s. justice department officials have demanded $5 billion in damages from standard & poor. they say the credit rating agency caused losses to investors by giving high scores to mortgage-backed securities. department officials said they filed the civil lawsuit against the credit rating agency. they claim the s&p knew the housing market was at risk in 2007. they say they inflated their ratings of loans and other financial products to avoid losing clients. >> s&p misled investors, including ma federally insured financial institutions, causing them to lose billions of dollars. this alleged co
. police say dykes shot poland tuesday when he stormed this bus and demanded child hoss tax. 22 escaped. robby bachelor is also a school bus driver. >> he laid down his life for the kids on that bus. >> reporter: children will return to school today for the first time since the shooting. we've also learned ethan could spend his birthday as a hostage. he turned 6 on wednesday. >> he's been involved in other hostage and standoff situations. john, good morning. they've now been in the bunker for seven days. this poor boy might spend his birthday there. he's 6 years old. there are good signs, though, about the fact that he's being cared for. >> the good thing is you've got the time where you develop what they call stockholm syndrome where the captor and captive start to bond. you can see that when he asks for coloring books, crayons, medication to come in. he's trying to provide for this boy. as time goes on, that bond should inkreechls it also happens with the negotiators. there's going to be a primary negotiator who started this conversation and a backup negotiator and ore over the days t
to a tax increase to help fund the police department. the mayor laid out the plan last night in the state of the city address saying although there is a small surplus this year, it is still not enough to beef up the struggling police department. lay offs and pension reform have shrunk the department under 1,000 people. the mayor promises to add 200 officers the next two years but the believes union wants more. >> we are looking for san jose to pay a competitive wage for police officers. the market rate san jose pays is much less than any of the surrounding cities. >> in 2014 we will be able to explain to the public if they give us additional revenue we will restore services. >> the mayor is suggesting up to half a percent sales tax. a measure cannot go before voters until next year. >> investigators are wanting of a door-to-door scam in san mateo county trying to sell magazine subscriptions to benefit the reason amend mcdonald house. they are well dressed and plight but not affiliated with the organization. they only use fundraisers and special events to finance their expenses. >> a searc
jokes. it's the governor's first appearance on the late show. tax season has officially begun! we've got some tips if you are preparing one of the 160 million individual tax returns that will be filed this year. here's jill schlesinger... editor at large of cbs moneywatch dot-com. how should people start? is there anything new this year about filing? is it ever better to wait to file? jill schlesinger of cbs jill schlesinger of cbs moneywatch dot- com. thanks. time is 5-- here's meteorologist lawrence with a check of weather. volunteers at a north bay animal shelter say dogs are being sent to their deaths prematurely. in one case an 18 month old stafford terrier ate a tennis ball. he was euthanized eight days later. a volunteer says medical records show the dog didn't get proper medical care before being put down. "eli should have gotten veterinary care immediately when he swallowed that tennis ball. volunteers say they'd already lined up foster and rescue care they'd already lined up foster and rescue care for dogs who were put down.. and they say after they q
costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. >>> let's get the road map for the next hour. europe taking the wind out of the rally. sending the benchmark index around 100 points this morning. we'll find out if this is a temporary setback or overzealousness catching up with investors. >>> google surging to an all new high friday. one analyst said you should not be searching for much more in the shares. >>> the ceo of buffalo wild wings joins us. did the super bowl blackout keep people eating chicken wings longer in her restaurants. >>> the industrial average down by about 85 points. s&p giving up about 7.5. certainly taking its lead from the european markets, which are down more than a percent across the board. concerned about possible corruption in spain. we saw t
well from refining. what stands out to you? >> actually, it's a tax. the headline number was a decent beat, 20% up on consensus. but the underlying business, the upstream was about in line. the refining and marketing with about 3% better than we had expected. but it just so happened, at the end of the year, taxes seemed to go bp's way. instead of a tax rate of around 336% to 38%, they were paying about 16% and that actually is nearly all the difference. so that is not something which unfortunately we would expect something to happen on a quarterly basis. so take the money now. it's good news, but not something that you build into 2013. >> so why is the stock up to 32%? clearly that's not an operational thing. >> you're getting a little bit of melt yumm coming back in the gulf of mexico. overall volumes were down 7% year on year. if you take out the divestment, take out psas, they were down less than 1%. if you look at the u.s. liquids production, which is a real guide because it's seasonal, that was up around 45,000 barrels a day. so you've had two big fields which started at the end
on to that the fact that payroll taxes went up and the economy is going to be pretty sluggish here in the first half of the year. so i agree with phil that we're probably going to give back a little bit of this rally that we've enjoyed. maybe about half of it sounds right to me. >> are we underestimating the impact of the sequester on the markets? it's not that far away. >> yeah, i think we are. we have a poll that says market insiders, hedge fund managers see a 5% drop on the dow. that's 86 billion that hits. hits a lot of furloughs across the government, transportation, security officials at airports not being on the job. we've got 1% economic growth, you add $86 billion in spending cuts on top of that, it will be pain across the board. the question is, do people freak out to come to a deal? >> i think i got an early version of morning money this morning and you let with that story. the disconnect, though, that i can't get is are hedge funds hoeding tight? meaning have they come out of the markets in the last couple of weeks as the run happens? is that what the suggestion was? >> that sort of sugg
. >>> "the wall street journal" offers strategists on cutting taxes. rates went up for the highest earners. there are new taxes covering the health care overall. one of the tax-fighting tips is donating stocks to charity. >>> health officials want to ban energy drinks that have too much caffeine. this study found that it can kauft insomnia fast heart beat and seizures. >>> there was a twitter competition about the brownout. you can still dunk in the dark. it's been retweeted 14,000 times and was a very smart turnaround during that. >> so clever so quickly. >>> and the average cost for a commercial in last night's super bowl, nearly $4 million. cbs news analyst frank luntz brought together viewers to see which ads worked and which didn't. good morning. >> good morning. >> you testified these, people can turn their dial where they approve or disapprove of it. what was the best ad? >> the best ad and it 'been a best ad for many years, anheuser-busch. it is very easy to make them laugh at a super bowl but it's hard to make them cry and anheuser delivered it as you're about
senator ron wyden, i know it's been a very, very long and tax day four. thank you for your time tonight, sir. >> thank you for having me. >> thanks. >>> it took longer than scheduled for this riveting hearing on capitol hill today to get started. it took longer to get started than they expected for a very notable reason. that and other manmade delays in washington, coming up. how do yor car running like new? you ask a ford customer. when they tell you that you need your oil changed you got to bring it in. if your tires need to be rotated, you have to get that done as well. jackie, tell me why somebody should bring they're car here to the ford dealership for service instead of any one of those other places out there. they are going to take care of my car because this is where it came from. price is right no problem, they make you feel like you're a family. get a synthetic blend oil change, tire rotation and much more, $29.95 after $10.00 rebate. if you take care of your car your car will take care of you. for over 75 years people ...with geico... ohhh...sorry!. director's voice: here we
of billions of dollars in short-term spending cuts and tax revenue to put off the automatic cuts across the board that art scheduled to kick in march 1st. heat the president will make his request tuesday afternoon and a public statement at the white house. the automatic cuts, if they're allowed to proceed, could require widespread layoffs and indiscriminately affect defense programs in domestic spending accounts. white house officials say congress needs more time to work out a 10 year plan worth more than one trillion and deficit reduction. >> jackie sissel the live in san francisco taking a look at the gas prices. >> they are going up. this past january was the second most expensive january ever for gasoline. the chevron and standards as the $3.95 as the guest for regular unleaded gasoline. it is up 24¢ in the last month. these numbers are brought to you by triple a, four california. $3.93 is the average. that is up 33¢ and last month, up 14¢ and as the last seven days. that puts us second only to hawaii as the most exquisite gas in the nation. in the bay area we are hovering around
's going to be asking congress to pass a small, short-term package of spending cuts and tax reforms. this move key because it would delay the largerrer, automatic sequester cuts we've been talking so much about from actually going into effect. it would also give lawmakers a little more time to agree on a broader budget huge cuts to defense and domestic programs are scheduled to take place on march 1st unless something is done, but the questions remain about how many short-term packages both sides of the aisle can put together before some real decisions have to be made about our budget, our debt and our deficit. big questions today, the president's remarks 1:15 eastern time. >> reporter: and we're here in the newsroom, joadty is back on the witness stand again today, she's trying to stay off of death row. of she said she killed her boyfriend out of self-defense, prosecutors will ask her why that meant shooting him in the head and stabbing him 27 times. >>> also, the whole country very, very relieved to hear that 5-year-old boy who had been held hostage in alabama was freed successful
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